Revenues reached 608 billion riyals, but spending rose to 975 billion riyals.
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The country reported that its budget deficit – the amount in which expenditures exceed revenue – for 2015 hit $98 billion (£65.7 billion).
The speculation comes following an announcement of plans to reduce Saudi Arabia’s state budget amid a major budget deficit due to slumping oil prices.
Oil prices have fallen by more than half ever since that November 2014 decision, with Brent crude, the global benchmark, trading at about $37 a barrel on Wednesday in London, its lowest level since the 2008-09 financial crisis.
Oil income has normally contributed around 90 percent of total revenues.
Saudi Aramco’s Chairman Khalid Al-Falih said he is confident that local industries including the Saudi petrochemical sector would adjust to the rise in domestic energy prices and remain competitive. “By what logic are we expecting Saudi Arabia to increase the price of oil when Russia, America, or even Iran and Iraq – who have much higher costs for producing oil – are maintaining their prices”.
The budget is also being heavily scrutinized as it was prepared under the guidance of a newly-formed Council of Economic and Development Affairs, which is headed by the king’s 30-year-old son, Deputy Crown Prince and Defence Minister Mohammed bin Salman.
Saudi Arabia, the de facto leader of the 12-member Opec oil cartel, has led the move to drown the world with excess supply, in an attempt to undercut higher-cost rivals such as USA shale oil producers.
On Monday, Riyadh posted its next budget for next year that will see a $36 billion cut in spending, based on a $87 billion deficit.
Angola also reduced subsidies this year, cutting them entirely in May to save an estimated 4 percent of the country’s budget.
Next year’s budget projects is down from SR975 billion spent this year. The International Monetary Fund warned in October that Riyadh would run out of money within five years if it did not tighten its belt.
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Also to make up for the budget deficit, the Saudi government has already started withdrawing from its huge fiscal reserves while issuing bonds on the domestic market.
